II 

114TH CONGRESS 

1ST SESSION S. 1086 

To establish an insurance policy advisory committee on international capital 

standards, and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

APRIL 27, 2015 

Mr. HELLER (for himself and Mr. TESTER) introduced the following bill; 

which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs 

A BILL 

To establish an insurance policy advisory committee on 

international capital standards, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘International Insur5 ance Capital Standards Accountability Act of 2015’’. 

6 SEC. 2. FINDINGS. 

7 Congress finds that— 

8 (1) the Secretary of the Treasury, Board of 

9 Governors of the Federal Reserve System, and Di10 rector of the Federal Insurance Office shall support 


asabaliauskas on DSK5VPTVN1PROD with BILLS
2 

•S 1086 IS

1 increasing transparency at any global insurance or 

2 international standard-setting regulatory or super3 visory forum in which they participate, including 

4 supporting and advocating for greater public ob5 server access to working groups and committee 

6 meetings of the International Association of Insur7 ance Supervisors; and 

8 (2) to the extent that the Secretary of the 

9 Treasury, Board of Governors of the Federal Re10 serve System, and Director of the Federal Insurance 

11 Office take a position or reasonably intend to take 

12 a position on an insurance proposal by a global in13 surance regulatory or supervisory forum, the Sec14 retary of the Treasury, Board of Governors of the 

15 Federal Reserve System, and Director of the Federal 

16 Insurance Office shall achieve consensus positions 

17 with State insurance regulators through the Na18 tional Association of Insurance Commissioners, when 

19 they are United States participants in negotiations 

20 on insurance issues before the International Associa21 tion of Insurance Supervisors, Financial Stability 

22 Board, or any other international forum of financial 

23 regulators or supervisors that considers such issues. 


asabaliauskas on DSK5VPTVN1PROD with BILLS
3 

•S 1086 IS

1 SEC. 3. INSURANCE POLICY ADVISORY COMMITTEE. 

2 (a) ESTABLISHMENT.—There is established the In3 surance Policy Advisory Committee on International Cap4 ital Standards and Other Insurance Issues at the Board 

5 of Governors of the Federal Reserve System. 

6 (b) MEMBERSHIP.—The Commission shall be com7 posed of not more than 21 members, all of whom represent 

8 a diverse set of expert perspectives from the various sec9 tors of the United States insurance industry, including life 

10 insurance, property and casualty insurance and reinsur11 ance, agents and brokers, academics, consumer advocates, 

12 or experts on issues facing underserved insurance commu13 nities and consumers. 

14 SEC. 4. REPORTS. 

15 (a) IN GENERAL.— 

16 (1) REPORTS AND TESTIMONY BY SECRETARY

17 OF THE TREASURY AND CHAIRMAN OF THE FED18 ERAL RESERVE.— 

19 (A) IN GENERAL.—The Secretary of the 

20 Treasury and the Chairman of the Federal Re21 serve, or their designee, shall submit to the 

22 Banking, Housing, and Urban Affairs Com23 mittee of the Senate, and the Financial Services 

24 Committee of the House of Representatives, an 

25 annual report and provide annual testimony to 

26 the Banking, Housing, and Urban Affairs ComVerDate Sep 11 2014 23:12 May 06, 2015 Jkt 049200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\S1086.IS S1086

asabaliauskas on DSK5VPTVN1PROD with BILLS
4 

•S 1086 IS

1 mittee of the Senate, and the Financial Services 

2 Committee of the House of Representatives on 

3 the efforts of the Secretary and the Chairman 

4 with the National Association of Insurance 

5 Commissioners with respect to global insurance 

6 regulatory or supervisory forums, including— 

7 (i) a description of the insurance reg8 ulatory or supervisory standard-setting 

9 issues under discussion at international 

10 standard-setting bodies, including the Fi11 nancial Stability Board and the Inter12 national Association of Insurance Super13 visors; 

14 (ii) a description of the effects that 

15 proposals discussed at international insur16 ance regulatory or supervisory forums of 

17 insurance could have on consumer and in18 surance markets in the United States; 

19 (iii) a description of any position 

20 taken by the Secretary of the Treasury, 

21 Board of Governors of the Federal Reserve 

22 System, and Director of the Federal Insur23 ance Office in international insurance dis24 cussions; and 


asabaliauskas on DSK5VPTVN1PROD with BILLS
5 

•S 1086 IS

1 (iv) a description of the efforts by the 

2 Secretary of the Treasury, Director of the 

3 Federal Insurance Office, and the Board of 

4 Governors of the Federal Reserve System 

5 to increase transparency at the Financial 

6 Stability Board with respect to insurance 

7 proposals and the International Association 

8 of Insurance Supervisors, including efforts 

9 to provide additional public access to work10 ing groups and committees of the Inter11 national Association of Insurance Super12 visors. 

13 (B) TERMINATION.—This paragraph shall 

14 terminate on December 31, 2018. 

15 (2) REPORTS AND TESTIMONY BY NATIONAL

16 ASSOCIATION OF INSURANCE COMMISSIONERS.—The 

17 National Association of Insurance Commissioners 

18 may provide testimony to Congress on the issues de19 scribed in paragraph (1)(A). 

20 (3) JOINT REPORT BY THE CHAIRMAN OF THE

21 FEDERAL RESERVE AND THE DIRECTOR OF THE

22 FEDERAL INSURANCE OFFICE.— 

23 (A) IN GENERAL.—The Secretary of the 

24 Treasury, Chairman of the Federal Reserve, 

25 and the Director of the Federal Insurance OfVerDate Sep 11 2014 23:12 May 06, 2015 Jkt 049200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6201 E:\BILLS\S1086.IS S1086

asabaliauskas on DSK5VPTVN1PROD with BILLS
6 

•S 1086 IS

1 fice shall, in consultation with the National As2 sociation of Insurance Commissioners, complete 

3 a study on, and submit to Congress a report on 

4 the results of the study, the impact on con5 sumers and markets in the United States before 

6 supporting or consenting to the adoption of any 

7 key elements in any international insurance 

8 proposal or international insurance capital 

9 standard. 

10 (B) NOTICE AND COMMENT.— 

11 (i) NOTICE.—The Secretary of the 

12 Treasury, Chairman of the Federal Re13 serve, and the Director of the Federal In14 surance Office shall provide notice before 

15 the date on which drafting the report is 

16 commenced and after the date on which 

17 the draft of the report is completed. 

18 (ii) OPPORTUNITY FOR COMMENT.— 

19 There shall be an opportunity for public 

20 comment for a period beginning on the 

21 date on which the report is submitted 

22 under subparagraph (A) and ending on the 

23 date that is 60 days after the date on 

24 which the report is submitted. 


asabaliauskas on DSK5VPTVN1PROD with BILLS
7 

•S 1086 IS

1 (C) REVIEW BY COMPTROLLER GEN2 ERAL.—The Secretary of the Treasury, Chair3 man of the Federal Reserve, and the Director 

4 of the Federal Insurance Office shall submit to 

5 the Comptroller General of the United States 

6 the report described in subparagraph (A) for 

7 review. 

8 (4) REPORT ON REDUCTION IN TRANS9 PARENCY.—Not later than 180 days after the date 

10 of enactment of this Act, the Chairman of the Fed11 eral Reserve and the Secretary of the Treasury, or 

12 their designees, shall submit to Congress a report 

13 and provide testimony to Congress on the efforts of 

14 the Chairman and the Secretary to increase trans15 parency at meetings of the International Association 

16 of Insurance Supervisors. 

Æ 


asabaliauskas on DSK5VPTVN1PROD with BILLS